Symphony Orchestra Loan Stays on the Books
Prince George, B.C.- The Prince George Symphony Orchestra will have to continue to pay the balance of a loan it was granted in 2005.
That loan was originally for $50 thousand dollars, and was to be paid back by 2020. The loan was aimed at bailing out the Symphony during a financial crunch. There is still a little over $17,500 left to be paid.
Not allowed to make a profit because it is a society, John DeGrace, President of the Prince George Symphony Orchestra Board told Council the Symphony’s Board has approved what he calls a “very cautious budget” for 2016/17 which should leave them with a slight surplus at the end of the year.
Councillor Jillian Merrick said she was struggling with the request, given a similar loan forgiveness request ( the BCNE) was denied.
Councillor Brian Skakun said he could not support the request “We have to send a message to the community that if you borrow money from the City, you have to pay it back.” He favoured reworking the terms of the agreement.
Councillors Terri McConnachie, Frank Everitt and Murry Krause echoed the thoughts of Councillor Skakun, but proposed the Symphony meet with the City Administration to see how the payment plan could be revised.
The Symphony already gets a grant from the City ( $58 thousand this year) Symphony Week begins September 6th in Prince George.
DeGrace says the Symphony remains committed to “repay the loan by 2020 come hell or high water”.
City Administration has been directed to work with the Symphony on developing a revised payment plan.